Federal Register / Vol. 88, No. 233 / Wednesday, December 6, 2023 / Notices 84855 

7 15 U.S.C. 78s(b)(3)(A)(iii). 

8 17 CFR 240.19b–4(f)(6). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6)(iii). 

13For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 14 15 U.S.C. 78s(b)(2)(B). 

15 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 7 and Rule 

19b–4(f)(6) thereunder.8 Because the 

proposed rule change does not: (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 9 and Rule 19b–4(f)(6)(iii) 

thereunder.10

A proposed rule change filed under 

Rule 19b–4(f)(6) 11 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),12 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. The Exchange 

states that it wants to implement the 

LSTY routing option during the 4th 

quarter of 2023 and granting the waiver 

would allow market participants and 

their customers to benefit more 

immediately from the increased order 

handling flexibility provided by the 

LSTY routing option. In addition, the 

Exchange stated that the proposed rule 

change presents no unique or novel 

issues that have not already been 

addressed by the Commission. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.13

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 14 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2023–049 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–NASDAQ–2023–049. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NASDAQ–2023–049 and should be 

submitted on or before December 27, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–26725 Filed 12–5–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99057; File No. SR– 

NYSECHX–2023–23] 

Self-Regulatory Organizations; NYSE 

Chicago, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Update Citations to 

Rule 600(b) of Regulation National 

Market System 

November 30, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’) 2 and Rule 19b–4 

thereunder,3 notice is hereby given that 

on November 20, 2023, NYSE Chicago, 

Inc. (‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to update 

citations to Rule 600(b) of Regulation 

National Market System (‘‘Regulation 

NMS’’) in Rule 6.6810 (Consolidated 

Audit Trail—Definitions); Rule 7.31 

(Orders and Modifiers); Article 1, Rule 

1 (Definitions); Article 1, Rule 2 (Order 

Types, Modifiers, and Related Terms); 

Article 9, Rule 17 (Prohibition Against 

Trading Ahead of Customer Orders); 

and Article 20, Rule 5 (Prevention of 

Trade-Throughs). The proposed rule 

change is available on the Exchange’s 

website at www.nyse.com, at the 

principal office of the Exchange, and at 


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84856 Federal Register / Vol. 88, No. 233 / Wednesday, December 6, 2023 / Notices 

4See Securities Exchange Act Release No. 90610, 

86 FR 18596 (April 9, 2021) (S7–03–20). 

5 15 U.S.C. 78f(b)(5). 

6 15 U.S.C. 78f(b)(8). 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6). 

9 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission 

written notice of its intent to file the proposed rule 

change at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. The 

Exchange has satisfied this requirement. 

10 17 CFR 240.19b–4(f)(6)(iii). 

11For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to update 

citations to Rule 600(b) of Regulation 

NMS in Rule 6.6810 (Consolidated 

Audit Trail—Definitions); Rule 7.31 

(Orders and Modifiers); Article 1, Rule 

1 (Definitions); Article 1, Rule 2 (Order 

Types, Modifiers, and Related Terms); 

Article 9, Rule 17 (Prohibition Against 

Trading Ahead of Customer Orders); 

and Article 20, Rule 5 (Prevention of 

Trade-Throughs). 

In 2021, the Securities and Exchange 

Commission (the ‘‘Commission’’) 

amended Regulation NMS under the Act 

in connection with the adoption of the 

Market Data Infrastructure Rules.4 As 

part of that initiative, the Commission 

adopted new definitions in Rule 600(b) 

of Regulation NMS and renumbered the 

remaining definitions, including the 

definition of Automated Quotations 

(formerly Rule 600(b)(3), Intermarket 

Sweep Order (formerly Rule 600(b)(30)), 

Listed Option (formerly Rule 600(b)(35), 

and Trading Center (formerly Rule 

600(b)(78)). 

The Exchange accordingly proposes to 

update the relevant citations to Rule 

600(b) in its rules as follows. 

• The citation to the definition of 

Listed Option in Rule 6.6810(y) would 

be changed to Rule 600(b)(43). 

• The citation to the definition of 

Intermarket Sweep Order in Rule 

7.31(e)(3); Article 1, Rule 2(b)(3)(B); and 

Article 9, Rule 17, Interpretations and 

Policies .04, would be changed to Rule 

600(b)(38). 

• The citation to the definition of 

Trading Center in Article 1, Rule 1(nn) 

would be changed to Rule 600(b)(95). 

• The citation to the definition of 

automated quotation in Article 20, Rule 

5, Interpretations and Policies .01(c)(2) 

and (c)(3), .02, and .02(c) would be 

changed to Rule 600(b)(6). 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b)(5) of the Exchange Act,5 in 

that it is designed to prevent fraudulent 

and manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, to 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. 

The Exchange believes that the 

proposed changes to its rules to correct 

citations to Rule 600(b) of Regulation 

NMS would remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system because the proposed change is 

designed to update an external rule 

reference. The Exchange believes that 

member organizations would benefit 

from the increased clarity, thereby 

reducing potential confusion and 

ensuring that persons subject to the 

Exchange’s jurisdiction, regulators, and 

the investing public can more easily 

navigate and understand the Exchange’s 

rules. The Exchange further believes 

that the proposed amendment would 

not be inconsistent with the public 

interest and the protection of investors 

because investors will not be harmed 

and in fact would benefit from increased 

clarity, thereby reducing potential 

confusion. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,6 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is not intended to 

address competitive issues but rather 

would modify Exchange rules to update 

citations to Rule 600(b) of Reg NMS. 

Since the proposal does not 

substantively modify system 

functionality or processes on the 

Exchange, the proposed changes will 

not impose any burden on competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Pursuant to Section 19(b)(3)(A) of the 

Act 7 and Rule 19b–4(f)(6) 8 thereunder, 

the Exchange has designated this 

proposal as one that effects a change 

that: (i) does not significantly affect the 

protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) by its terms, does not become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest.9

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act normally does not become operative 

for 30 days after the date of its filing. 

However, Rule 19b–4(f)(6)(iii) 10 permits 

the Commission to designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange requested that 

the Commission waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The proposed change raises no 

novel legal or regulatory issues and 

modifies the Exchange’s rules to correct 

citations to Rule 600(b) of Regulation 

NMS, which should help prevent 

confusion and result in increased clarity 

within the Exchange’s rules. Therefore, 

the Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.11

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 


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Federal Register / Vol. 88, No. 233 / Wednesday, December 6, 2023 / Notices 84857 

12 17 CFR 200.30–3(a)(12), (59). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSECHX–2023–23 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–NYSECHX–2023–23. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NYSECHX–2023–23 and should be 

submitted on or before December 27, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–26730 Filed 12–5–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99042; File No. SR– 

NASDAQ–2023–048] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify 

Entry and All-Inclusive Annual Fees for 

Certain Companies 

November 30, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (‘‘Act’’) 

and Rule 19b–4 thereunder,2 notice is 

hereby given that on November 15, 

2023, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to modify 

entry and all-inclusive annual fees for 

certain companies, as described below. 

While changes proposed herein are 

effective upon filing, the Exchange has 

designated the proposed amendments to 

be operative on January 1, 2024. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to (i) modify the entry fee for 

a Company that first lists a class of 

equity securities on the Nasdaq Global 

or Global Select Market; (ii) modify the 

Exchange’s all-inclusive annual listing 

fees for certain domestic and foreign 

companies listing equity securities on 

the Nasdaq Global Select, Global and 

Capital Markets; and (iii) replace the 

tiered all-inclusive annual listing fee 

structure with a flat fee of $81,000 for 

an Acquisition Company, as defined 

below. 

All revised fees will be applied in the 

same manner to all issuers and the 

changes will not disproportionately 

affect any specific category of issuers. 

While these changes are effective upon 

filing, Nasdaq has designated the 

proposed amendments to be operative 

on January 1, 2024. 

Entry Fees on the Nasdaq Global Market 

Currently, Nasdaq charges companies 

listing pursuant to Rule 5910(a)(1)(A)(i) 

a $270,000 entry fee the first time the 

company lists a class of its securities 

(not otherwise identified in the Rule 

5900 Series) on the Nasdaq Global and 

Global Select Market. Nasdaq is 

proposing to increase the entry fee for 

these companies from $270,000 to 

$295,000 to better align its fees with the 

value of a listing to issuers and to reflect 

costs in servicing these listings, such as 

from the remodeling of a portion of the 

New York Headquarters used for 

company events, including market 

opening and closing bells, conducting 

the required associated regulatory 

oversight, and Nasdaq’s advocacy efforts 

on behalf of the public company model. 

In establishing these fee changes Nasdaq 

also considered the competitive 

atmosphere in which the Exchange 

operates. 

Nasdaq does not propose to increase 

the minimum entry fees described in 

Rule 5910(a) charged for additional 

classes of equity securities, Acquisition 

Companies, Closed-End Funds, and any 


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